MNI EUROPEAN MARKETS ANALYSIS: USD Off Post Tariff Highs

• US President Trump announced 25% tariffs on US auto imports. The initial market reaction was risk off, but USD sits off earlier highs, while US equity futures have also rebounded.
• Cash US tsys are flat to 2bps richer, with a steepening bias, in today's Asia-Pac session after yesterday's modest bear steeper. JGB futures are holding an uptick, +2 compared to the settlement levels, after reversing strength seen in the aftermath of today’s strong 40-year auction.

• Later the Fed’s Barkin and Collins speak and final Q4 US GDP, February goods trade, inventories, March Kansas Fed manufacturing and jobless claims print. The ECB’s Lagarde, de Guindos, Villeroy, Schnabel and Buch appear and BoE’s Dhingra talks. The Norges Bank decision is announced.

  

   

MARKETS

US TSYS: Cash Bonds Dealing Slightly Richer Post-Auto Tariff EO

In today's Asia-Pac session, TYM5 is 110-17, -0-01 from closing levels.

• Cash US tsys are flat to 2bps richer, with a steepening bias, in today's Asia-Pac session after yesterday's modest bear steeper.
• Aftermarket, US President Trump signed an executive order to place 25% tariffs on US auto imports. The tariffs will start on April 2, with revenue starting to be collected from April 3. It covers all auto imports, as well as light trucks. It wasn't clear if there are any exemptions around auto parts, with Trump stating if the car is made in the US it will not be subject to tariffs (in response to a question about the matter).
• US initial jobless claims and GDP data due on Thursday are likely to provide more clues to investors on the Federal Reserve's interest-rate path. Fed Speak from Barkin and Collins is also due.
• "A panel of financial experts suggests the Federal Reserve should set up an emergency program to close out highly leveraged hedge-fund trades in the event of a crisis in the $29 trillion US Treasuries market." See BBG link

TARIFFS: US Auto Tariffs Impact Broad-Based Across Regions

US President Trump signed an order for 25% tariffs on imports of all non-US-made automotives including light trucks to come into effect on April 2. Parts have been delayed until May 3 at the latest. So far the response from Canada and the EU has been restrained with Canadian PM Carney saying that he should speak with Trump and EU President von der Leyen declaring negotiations will continue. 

• In 2024, the US imported around half of the total autos sold with 32.2% of shipments coming from Mexico followed by 16.3% from Japan and 15% from Korea. Canada was fourth accounting for 12.8%.
• Europe was the fifth most important source of US car imports with 18.1% coming from the EU ex UK and 3.4% from the UK. Within Europe, Germany was the largest source at 10.2% of the total followed by Slovakia, Sweden and Italy with other countries less than 1%. Thus, the 25% import tax is going to be particularly harmful to the German auto sector. Auto manufacturing accounts for 6% of German GDP, according to Capital Economics.

US imports of personal vehicles & light trucks by country % total 2024

• Europe is not as impacted by tariffs on auto parts accounting for 11.9% of US imports in 2024 with Germany again the most affected.
• Given the high level of integration of the US auto manufacturing supply chain, NAFTA countries Mexico and Canada are the two largest individual suppliers of parts worth 41% and 10% of the total. If parts are USCMA compliant then they will be tariff free until the Secretary of Commerce determines how to apply tariffs to the “non-US content”.
• The impact on Asia is also more broad-based with 7 countries in the region accounting for more than 1% of US parts imports each. The largest are China (9.3%), Japan (8.0%) and Korea (6.4%) but ASEAN accounts for almost 7%. 

US imports of auto parts by country % total 2024

Source: MNI - Market News/International Trade Administration

TARIFFS: Sectors With Both Small & Large Import Shares Being Targeted

US President Trump has announced universal tariffs against China, Mexico and Canada, although the latter two have been delayed for now. The EU is waiting for a blanket tariff against its exports to the US. Apart from these measures, other trade taxes have been focussed on certain sectors including steel, aluminium and autos. Some targeted sectors import significant quantities of goods but others are very small. Thus, it is difficult to deduct which industries may be next.

• US merchandise imports in 2024 were worth $3267.4bn or 11.2% of GDP. The sectors buying the most from overseas were motor vehicles & parts (12.8% of total imports), followed by pharmaceuticals & medicines (7.7%), oil & gas (5.4%) and computer equipment (4.7%) & semiconductors (4.2%). Chips have been mentioned as a target of tariffs and Taiwan is increasing its investment in US production.
• Timber has also been declared as a sector that could face tariffs yet it is a tiny share of US imports. Other sectors that have a minimal import share are steel & aluminium with only 1.1% and 0.6% of 2024 total imports respectively and they already face trade taxes, but like autos are likely politically-sensitive industries. 

TARIFFS: Many To Be Impacted By US Pharma Tariffs, But Especially Ireland

US President Trump has also said that measures to protect the pharmaceutical and lumber sectors will be announced but it is unclear whether this will also be on April 2. Pharmaceutical imports and autos & parts imports in 2024 were worth around 1% and 1.5% of US GDP respectively and so tariffs of 25% are likely to cause significant price increases in those sectors.

• Pharmaceuticals & medicines accounted for 7.7% of US merchandise imports in 2024, the second largest category after motor vehicles based on NAICS-4 classifications, and so significant tariffs on the sector would add to US cost pressures as with the 25% auto tariff.
• Ireland is by far the largest source of US pharmaceutical imports accounting for 29% of the total in 2024 and given that it is a small open economy any US tariffs on this sector, especially large ones, will hurt it significantly.
• Outside Ireland, products are brought in from a wide range of countries with Switzerland accounting for 8.6% of pharma imports, Singapore 7.8%, Germany 7.2% and India, Belgium and Italy all around 5% each. China already faces a universal 20% US tariff but its pharma shipments to the US were only 3.8% of the total.

US imports of pharmaceuticals & medicines % total 2024

Source: MNI - Market News/ITA

• US timber and log imports are a tiny share of the total at 0.005%, so it seems strange that this sector is being targeted. While, it is a small share, it is an important sector for certain Canadian communities and the country as a whole accounted for 69% of total US timber imports in 2024 followed by Sweden with 26%. In terms of Asia, NZ and China are the only ones with any material shipments. 

JGBS: Long End Rally Strongly After 40Y Auction

JGB futures are holding an uptick, +2 compared to the settlement levels, after reversing strength seen in the aftermath of today’s strong 40-year auction.

• Today's supply was met with strong demand, with the actual high yield coming in at 2.71%, notably below dealer expectations (Bloomberg poll) of 2.79%.
• The auction’s cover ratio also improved to 2.9203x from 2.7518x at the previous outing. Notably, the current 40-year auction yield was ~40bps higher than the previous auction, just shy of the cyclical high of 3.01%.
• Cash US tsys are flat to 2bps richer, with a steepening bias, in today's Asia-Pac session. Aftermarket, US President Trump signed an executive order to place 25% tariffs on US auto imports. US initial jobless claims and GDP data due on Thursday are likely to provide more clues to investors on the Federal Reserve's interest-rate path. Fed Speak from Barkin and Collins is also due.
• Cash JGBs are little changed across benchmarks out to the 10-year but 2-8bps richer beyond, with the 40-year leading.
• Swaps have bull-flattened, with rates 1-4bps lower. Swap spreads are mixed.
• Tomorrow, the local calendar will see Tokyo CPI alongside BoJ Rinban Operations covering 3-25-year JGBs. 

JAPAN DATA: Offshore Investors Sell Japan Equities For 8th Straight Week

Offshore investors continued to sell Japan stocks last week, see the table below. This marks the 8th straight week of outflows from the space. The recent recovery in local equity indices (form earlier March lows) has not aided offshore sentiment in terms of reducing outflow pressures. Cumulative outflows from this segment stand at over ¥5trln since the start of the year.  

• We also saw offshore investors sell local bonds as well. This only unwound part of the prior week's inflows, which is likely to have reflected safe haven demand to a degree.
• In terms of Japan outbound flows, for bonds flows were negative for the 3rd straight week, but cumulative flows since the start of the year are still positive. Offshore investors bought offshore equities, but this only partially reversed the prior week's net selling. The trend in this space has also remained positive since the start of the year. 

Table 1: Japan Weekly Offshore Investment Flows 

Source: MNI - Market News/Bloomberg 

AUSSIE BONDS: Cheaper, Data Light Local, RBA Policy Decision

ACGBs (YM -2.0 & XM -3.5) are cheaper on a data-light session.

• (AFR) “The [tax] cuts are as fleeting as they are meaningless. They are worth just $10.30 a week to average earners and will be rendered worthless by the end of 2028, thanks to the inevitability of bracket creep. The tax cuts are, of course, a political distraction from the substantive problems Chalmers’ fourth budget fails to address.” (See BBG link)
• Cash US tsys are 1-2bps richer, with a steepening bias, in today's Asia-Pac session after yesterday's modest bear steeper. US initial jobless claims and GDP data due on Thursday are likely to provide more clues to investors on the Federal Reserve's interest-rate path. Fed Speak from Barkin and Collins is also due.
• Cash ACGBs are 2-3bps cheaper with the AU-US 10-year yield differential at +16bps.
• Swap rates are 1bp higher, with lower dated EFPs tighter.
• The bills strip are little changed.
• RBA-dated OIS pricing is little changed across meetings today. A 25bp rate cut in April is given a 4% probability, with a cumulative 60bps of easing priced by year-end.
• The local calendar will be empty for the remainder of the week. RBA Policy Decision is on Tuesday.

BONDS: NZGBS: Cheaper But Off Worst Levels On A Data-Light Session

NZGBs closed cheaper, but off the session’s worst levels, with benchmarks yields 3-4bps higher. 

• Today, the local calendar was empty and remain so until Friday's ANZ Consumer Confidence and Filled Jobs data releases.
• NZ-US 10-year yield differential finished 3bps wider at +24bps, reversing yesterday’s narrowing. As a result, the differential hovers just below the widest level for the year and back at November 2024 levels.
• Cash US tsys are flat to 1bps richer, with a steepening bias, in today's Asia-Pac session after yesterday's modest bear-steepener. After the US closed yesterday, US President Trump signed an order for 25% tariffs on imports of all non-US-made automotives including light trucks to come into effect on April 2. Parts have been delayed until May 3 at the latest. US initial jobless claims and GDP data due on Thursday are likely to provide more clues to investors on the Federal Reserve's interest-rate path. Fed Speak from Barkin and Collins is also due.
• Swap rates closed 4-5bps higher.
• RBNZ dated OIS pricing closed flat for 2025 meetings but 3bps firmer for February 2026. 24bps of easing is priced for April, with a cumulative 67bps by November 2025.

FOREX: USD Index Off Post Auto Tariff Highs, CAD & MXN Lag Though

The USD has been unable to sustain earlier gains. Post Trump headlines that he was imposing 25% tariffs on US auto imports the BDBXY index got to 1275.48. However, we have retraced since, last near 1271.95, off around 0.15% versus end NY levels from Wednesday. 

• The initial reaction saw safe havens outperform, led by Yen. USD/JPY was last near 150.10/15, up around 0.30% in yen terms and near session lows. Cross asset trends have been less supportive of the yen as the session progressed, with US equity futures back in the green, while HK and China markets have also recovered. US yields are also up from earlier lows.
• Takehiko Nakao, Japan's former FX Chief stated the yen was too cheap on the sidelines of the Boao Forum (per BBG). This echoes comments from a senior lawmaker around yen being too cheap recently. This has likely helped yen sentiment at the margins.
• EUR/USD got close to its simple 200-day MA earlier (1.0727) but we sit higher at 1.0780/85 in latest dealings. This leaves EUR 0.25% higher.
• AUD/USD is firmer back to 0.6315, from earlier lows of 0.6279. NZD/USD got to 0.5712, but is now back in the 0.5740/45 region. Benefiting both currencies is the recovery in China and Hong Kong equities, the HSI up over 1%. Renewed tariff concerns may be driving flows into these markets, as the auto tariffs may be seen as inflationary in the near term for the US, whilst not benefiting growth just yet. Trump also stated in his earlier remarks that China may see tariff relief as part of a deal that sells TikTok.
• China Vice Premier Ding Xuexiang stated at the Boao forum China's economy had started 2025 well and that further policy support will be provided. The Vice Premier also stated China will continue to oppose protectionism and open up to offshore investment.
• USD/CAD is little changed, last near 1.4265, earlier highs were at 1.4317. USD/MXN is near 20.21, off around 0.50%, so both currencies have lagged the softer USD trends elsewhere.
• Later the Fed’s Barkin and Collins speak and final Q4 US GDP, February goods trade, inventories, March Kansas Fed manufacturing and jobless claims print. The ECB’s Lagarde, de Guindos, Villeroy, Schnabel and Buch appear and BoE’s Dhingra talks. The Norges Bank decision is announced.

ASIA STOCKS: Tariff News Hits Autos Whilst China Rallies. 

As the US slapped 25% tariffs on auto imports, some regional markets were dragged lower today with Korean auto manufacturers hit hard. 

The new unsurprisingly saw Hyundai down 4%, HL Mando (auto parts) down 6% and Kia down 3.6% as the trade war expanded with Trump adding “ we are going to charge countries for doing business in our country and taking our jobs and wealth.” 

In early trading in India, TATA Motors has not escaped the pessimism down over 5% from the open. 

As China’s key bourses rally, the Vice Premier called for increased global co-operation and opposition to protectionist measures in a keynote speech to the Boau Forum today.   

• The Hang Seng lead the way today, rising +1.05%, dragging the others higher.  The CSI 300 is up +0.40%, the Shanghai Comp +0.30% and Shenzhen up +0.20%.   
• The tariff news however dragged the KOSPI down given the impact on its auto sector, falling -1.12%, giving back all of yesterday's gains.
• Malaysia’s FTSE Bursa KLCI has delivered a good week of returns, up today a further +0.84% and on track for one of the best weeks of the year
• The Jakarta Composite held onto gains to rise just +0.20% to mark three successive days of gains.
• Singapore’s FTSE Straits Times defied the negativity around tariffs to rise +0.45% whilst the Philippines went in the opposite direction, down -0.55%.
• India’s NIFTY 50 is opening up again by +0.45% following yesterday’s loss of -0.77%, being the first down day in in seven trading days. 

ASIA STOCKS: India Inflows Top 2bn in Four Days. 

As tariff headlines challenge markets, and a US trade delegation arrives in India, the turn around in flows into Indian stocks has been significant with over 2bn of inflows in the last four trading days as South Korea and Indonesia enjoy large inflows also. 

• South Korea: Recorded inflows of +$282m yesterday, bringing the 5-day total to +$1,210m. 2025 to date flows are -$3,627m. The 5-day average is +$242m, the 20-day average is -$73m and the 100-day average of -$93m.
• Taiwan: Had outflows of -$18m yesterday, with total inflows of +$84m over the past 5 days. YTD flows are negative at -$15,123. The 5-day average is +$17m, the 20-day average of -$548m and the 100-day average of -$229m.
• India: Saw inflows of +$665m as of the 25th, with a total inflow of +$2,248m over the previous 5 days. YTD outflows stand at -$14,030m. The 5-day average is  +$450m, the 20-day average of -$125m and the 100-day average of -$160m.
• Indonesia: Posted inflows of +$155m yesterday, bringing the 5-day total to -$14m. YTD flows are negative at -$1,867m. The 5-day average is -$3m, the 20-day average is -$41m the 100-day average of -$34m.
• Thailand: Recorded outflows of -$5m yesterday, totaling -$159m over the past 5 days. YTD flows are negative at -$1,096m. The 5-day average is -$32m, the 20-day average of -$40m the 100-day average of -$18m.
• Malaysia: Experienced outflows of -$39m yesterday, contributing to a 5-day outflow of -$299m. YTD flows stand at -$2,143m. The 5-day average is -$60m, the 20-day average of -$56m the 100-day average of -$37m.
• Philippines: Saw outflows of -$17m yesterday, with net outflows of -$11m over the past 5 days. YTD flows are negative at -$212m. The 5-day average is -$2m, the 20-day average of -$1m the 100-day average of -$7m.

OIL: Crude Holds Onto Wednesday’s Gains But Has Range Traded Today

Crude has been trading in a narrow range during today’s APAC session after making solid gains on Wednesday. It was supported by US inventory drawdowns and an expected reduction in supply from tighter restrictions against Iran & Venezuela, but further US tariff announcements today brought global growth worries back to the fore limiting further upside. 

• WTI is up 0.2% to $69.76/bbl after trading between $69.62 and $69.96. Brent is 0.1% higher at $73.88/bbl and has moved between $73.81 and $73.97. Both have been unable to break round-number resistance after doing so briefly on Wednesday. The USD index is down 0.2% which should also be providing support to dollar-denominated crude.
• EIA data showed a large US crude inventory drawdown last week but also products gasoline and distillate fell signalling robust demand.
• Later the Fed’s Barkin and Collins speak and final Q4 US GDP, February goods trade, inventories, March Kansas Fed manufacturing and jobless claims print. The ECB’s Lagarde, de Guindos, Villeroy, Schnabel and Buch appear and BoE’s Dhingra talks. The Norges Bank decision is announced.

Gold Rises on Tariff News.          

• Gold’s fortunes today were likely to hinge on the market reaction to tariff headlines and announcements and that seemingly was the case.
• Opening up at US$3,018.81 gold rallied throughout the Asian session as equities struggled, reaching $3,034.80; a +0.50% gain.
• An upcoming pilot program in China will allow insurers to invest in gold.   This week four insurers secured the membership to the Shanghai Gold Exchange and an allocation of up to 1% could add $25bn to gold demand, likely via ETFs in China.
• Australian miner Gold Resources CEO has stated that the primary sticking point in talks with South Africa’s Gold Field and them acquiring the company was around price.
• The merger between Fury Gold Mines Limited and Quebec Precious Metals Corporation is proceeding as planned with a planned completion date of April 30.
• Goldman Sachs has increased its forecast for gold by year end to $3,300 on ETF flows and Central Bank buying.  An increase to $3,300 would represent almost a 9% increase from today’s level. 

TARIFFS: The US Has Large Deficits With Much Of APAC

Reciprocal tariffs are due to be announced on April 2 with US President Trump saying that they will be fair and trading partners will be “pleasantly surprised” but countries with persistently large trade surpluses with the US will be targeted. It is worth noting that on average the US has a lower tariff rate than its main trading partners. 

WTO average tariff rates all goods % 2023

• In 2023, the average MFN US tariff on China was 3.0% compared to 10.1% from China, and 2.1% on the EU compared to 2.6%, based on WTO data.
• Canada has an average MFN tariff close to the US, while Mexico’s is double. Asian countries such as India, Korea and Thailand tend to have significantly higher tariffs and could be targeted by the US’ reciprocal measures.
• China already faces a universal 20% US tariff, although Trump has said it could be eased if there is a deal on TikTok. It is one of the countries that the US has a large goods deficit with worth $295bn in 2024 and 1.0% of US GDP.
• Other Asian countries have deficits with the US including Japan, Korea, Taiwan and India, and they have been nervously waiting to see if they will be next following measures against China. NZ had a small deficit and Australia and Singapore small surpluses.
• The EU is expecting a universal 20% tariff in line with China and has prepared retaliatory measures and implemented some in response to the US taxes on steel and aluminium imports. Although EU President von der Leyen said today that negotiations will continue. The US had a $235bn deficit with the EU in 2024 worth 0.8% of GDP, whereas there was a small surplus with the UK, who seem likely to avoid major restrictions. 

US merchandise imports by country % total

CHINA: Industrial Profits Decline Narrows as Manufacturing Bounces. 

• China’s February industrial profits declined -0.3% y/y.
• With no January data reported due to Lunar New Year, this was the first data release since December’s -3.3% contraction.
• Mining continues to be a key drag on performance, down -25.2% y/y primarily impacted by coal.
• Manufacturing produced its best performance in some time following four successive declines to record a +4.8% y/y expansion.
• Motor vehicles were up +11.7% y/y  along with Agricultural Food processing up +37.3% y/y
• Whilst the headline figure remains in contraction there remains enough in the report to suggest that there may be positive signs emerging for some sectors whilst others may need some policy assistance later this year.   

INDIA: Country Wrap:  RBI To Evolve Liquidity Framework. 

• The RBI is meeting with banks to discuss proposed changes to the liquidity management framework to ensure that borrowing costs are more closely aligned with the policy rate (source: BBG)
• Canada and India are taking steps to cool diplomatic tensions, including considering sending back envoys after tit-for-tat expulsions last year as both countries seek to counter US tariff threats and Canada keen on a diversified set of trading partners (source: BBG)
• India's NIFTY 50 is opening up again by +0.45% following yesterday's loss of -0.77%, being the first down day in in seven trading days.
• INR has opened weaker this morning by -0.12%, bucking recent positive run, to be at 85.82.
• Bonds: the RBI’s focus on liquidity continues to feed through to the bond market with the 10YR rallying again at the open to be 6.59%

INDONESIA: Country Wrap:  Central Bank Defends Economic Fundamentals

• The Head of the Central Bank’s Macro-Prudential policy department told reporters “the current condition is still far from that of the 1998 crisis,’ given the strength of the economic fundamentals (source: BBG)
• The World Bank has highlighted Indonesia's low tax revenue performance − apparently the lowest in the world − in a report.  The World Bank said that Indonesia's tax revenue ratio to Gross Domestic Product (GDP) only reached 9.1 percent in 2021, far below the average for middle-income countries in Southeast Asia region.  In comparison, Cambodia's tax revenue ratio reached 18 percent, Malaysia 11.9 percent, the Philippines 15.2 percent, Thailand 15.7 percent, and Vietnam 14.7 percent. (source: Indonesia Business Post)
• The Jakarta Composite held onto gains to rise just +0.20% to mark three successive days of gains.
• IDR: the rupiah has had a strong day today, up +20% to 16,551.
• Bonds: a very strong rally in bonds with the 10YR the best performer down -6bps to 7.06%

ASIA FX: USD/CNH Back Sub 7.2700, Tariff Relief May Come With TikTok Deal

In North East FX, USD/Asia pairs sit off recent highs. USD/CNH is back sub 7.2700, while USD/KRW also found selling resistance above 1470 not long after this morning's open. This fits with majors, where the USD has struggled to rally after US President Trump announced a 25% auto tariff on US imports. 

• USD/CNH saw some initial modest downside as US President Trump stated that China could see some tariff relief as part of a deal that involves the sale of TikTok. This took us back sub 7.2800. We have seen further downside amidst broader USD weakness, with EUR rebounding, while USD/JPY has also fallen. The pair was last near 7.2680, so back close to the 50-day EMA.
• China Vice Premier Ding Xuexiang stated at the Boao forum China's economy had started 2025 well and that further policy support will be provided. The Vice Premier also stated China will continue to oppose protectionism and open up to offshore investment. China and Hong Kong equities have also outperformed regional weakness elsewhere, another CNH positive.
• Spot USD/KRW moved above 1470 in the first part of trade but found selling interest above this level. We were last in the 1465/66 region, up around 0.15% in won terms. Local equities are down over 1%, with autos impacted following the tariff news. The South Korean government has pledged to support the auto sector. South Korea made up 15% of total US auto imports last year. There may also be some official resistance to moves above 1470, which has capped recent USD gains against the won.
• Spot USD/TWD is little changed, the pair last holding close to 33.10. 

ASIA FX: Most SEA FX Higher, USD/IDR Offered Above 16600 Again, INR Outperforms

In SEA FX, most Asian currencies are trading firmer against the USD. MYR is the exception, but is only down a touch against the USD. Meanwhile, USD/INR is slightly higher, but the rupee is still the best performer in EM Asia FX so far in March. 

• Tariff concerns have been offset by broader USD softness, while less direct exposure to autos for some economies is likely a positive as well. Some equity markets in SEA are higher at this stage.
• Focus remains on USD/IDR, which continues to see selling resistance emerge on moves above 16600. Today's high was 16610, but we last tracked near 16540/45, up a little over 0.20% in IDR terms. Local equities are up slightly but have built a base above the 6000 level for now in terms of the JCI. Onshore the authorities are pushing back against the narrative that this is a repeat of the 1998 financial crisis. Broader USD softness against the majors is also likely helping IDR today.
• USD/THB is back under 34.00, up around 0.20% in baht terms. This keeps the pair firmly within recent ranges. Headlines crossed earlier that the Thailand cabinet has approved a bill to legalize casinos. The Thai PM noted that a 5-10% rise in tourism is likely from the new entertainment complex, which casinos form part of.
• USD/MYR has ticked up slightly, but near 4.4300 is close to unchanged so far today. USD/PHP is lower, the pair last close to 57.50/55.
• Spot USD/INR sits slightly higher in early Thursday dealings, last near 85.75. We remain sub the 100-day EMA though (near 85.95), whilst INR is tracking comfortably as the best performer in EM Asia FX in March today, up close to 2% (SGD is the next best up around 1%). March lows for USD/INR rest just under 85.50.  The return of portfolio inflows in the equity space has been a positive in recent weeks. Debt inflows have also been strong, see the chart below. This month's +$3bn in inflows is more than half of 2025 inflows to date.

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
27/03/2025	0830/0830		GB	BOE's Dhingra on inflation targeting in the UK post pandemic period
27/03/2025	0900/1000	***	NO	Norges Bank Rate Decision
27/03/2025	0900/1000	**	EU	M3
27/03/2025	1000/1000	**	GB	Gilt Outright Auction Result
27/03/2025	-		FR	Insee publishes General Govt balance
27/03/2025	1230/0830	*	CA	Payroll employment
27/03/2025	1230/0830	***	US	Jobless Claims
27/03/2025	1230/0830	**	US	WASDE Weekly Import/Export
27/03/2025	1230/0830	***	US	GDP
27/03/2025	1230/0830	**	US	Advance Trade, Advance Business Inventories
27/03/2025	1300/1400		EU	ECB's De Guindos at 2025 IIF European Summit
27/03/2025	1400/1000	**	US	NAR Pending Home Sales
27/03/2025	1430/1030	**	US	Natural Gas Stocks
27/03/2025	1500/1100	**	US	Kansas City Fed Manufacturing Index
27/03/2025	1530/1130	**	US	US Bill 04 Week Treasury Auction Result
27/03/2025	1530/1130	*	US	US Bill 08 Week Treasury Auction Result
27/03/2025	1700/1300	**	US	US Treasury Auction Result for 7 Year Note
27/03/2025	1740/1840		EU	ECB's Schnabel lecture on MonPol Transmission
27/03/2025	1805/1905		EU	ECB's Lagarde prerecorded message for Women in Finance conference
27/03/2025	1900/1500	***	MX	Mexico Interest Rate
27/03/2025	2030/1630		US	Richmond Fed's Tom Barkin
27/03/2025	2030/1630		US	Boston Fed's Susan Collins
28/03/2025	2330/0830	**	JP	Tokyo CPI
28/03/2025	0700/0800	*	DE	GFK Consumer Climate
28/03/2025	0700/0800	**	SE	Retail Sales
28/03/2025	0700/0700	***	GB	Retail Sales
28/03/2025	0700/0700	*	GB	Quarterly current account balance
28/03/2025	0700/0700	***	GB	GDP Second Estimate
28/03/2025	0700/0700	**	GB	Trade Balance
28/03/2025	0745/0845	**	FR	PPI
28/03/2025	0745/0845	**	FR	Consumer Spending
28/03/2025	0745/0845	***	FR	HICP (p)
28/03/2025	0800/0900	***	ES	HICP (p)
28/03/2025	0800/0900	**	CH	KOF Economic Barometer
28/03/2025	0830/0930		EU	ECB de Guindos At Fed. of Female Professionals Conf
28/03/2025	0855/0955	**	DE	Unemployment
28/03/2025	0900/1000		IT	Business and Consumer confidence
28/03/2025	0900/1000	**	EU	ECB Consumer Expectations Survey
28/03/2025	1000/1100	*	EU	Consumer Confidence, Industrial Sentiment
28/03/2025	1100/1200	**	IT	PPI
28/03/2025	1230/0830	***	US	Personal Income and Consumption
28/03/2025	1230/0830	***	CA	Gross Domestic Product by Industry